Short Interest in Chemung Financial Co. (NASDAQ:CHMG) Increases By 35.2%

Chemung Financial Co. (NASDAQ:CHMG) saw a significant growth in short interest in the month of February. As of February 15th, there was short interest totalling 14,200 shares, a growth of 35.2% from the January 31st total of 10,500 shares. Based on an average trading volume of 13,400 shares, the days-to-cover ratio is currently 1.1 days. Currently, 0.4% of the company’s shares are sold short.

Insider Buying and Selling

In related news, Director Joseph F. Iv Meade purchased 592 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was bought at an average cost of $47.33 per share, with a total value of $28,019.36. Following the completion of the purchase, the director now directly owns 3,710 shares in the company, valued at approximately $175,594.30. This represents a 18.99 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chemung Financial

Institutional investors have recently modified their holdings of the business. Geode Capital Management LLC raised its holdings in shares of Chemung Financial by 2.6% during the third quarter. Geode Capital Management LLC now owns 76,831 shares of the bank’s stock valued at $3,690,000 after purchasing an additional 1,968 shares during the last quarter. JPMorgan Chase & Co. grew its position in Chemung Financial by 233.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 9,720 shares of the bank’s stock worth $467,000 after purchasing an additional 6,802 shares during the period. Barclays PLC lifted its holdings in shares of Chemung Financial by 167.9% during the 3rd quarter. Barclays PLC now owns 9,236 shares of the bank’s stock valued at $444,000 after buying an additional 5,788 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of Chemung Financial during the 4th quarter valued at $231,000. Finally, PL Capital Advisors LLC purchased a new position in shares of Chemung Financial in the 4th quarter worth $4,698,000. 47.50% of the stock is owned by hedge funds and other institutional investors.

Chemung Financial Stock Down 0.3 %

Shares of Chemung Financial stock traded down $0.16 during midday trading on Wednesday, hitting $50.29. The company had a trading volume of 5,829 shares, compared to its average volume of 11,333. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.87 and a current ratio of 0.87. The company has a 50 day moving average of $49.27 and a 200 day moving average of $49.10. Chemung Financial has a 52-week low of $39.00 and a 52-week high of $55.73. The stock has a market capitalization of $239.31 million, a P/E ratio of 10.14 and a beta of 0.19.

Chemung Financial (NASDAQ:CHMG) last released its quarterly earnings data on Tuesday, January 28th. The bank reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.05. Chemung Financial had a net margin of 15.70% and a return on equity of 11.47%. On average, equities analysts predict that Chemung Financial will post 5.38 earnings per share for the current fiscal year.

Chemung Financial Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 18th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $1.28 annualized dividend and a dividend yield of 2.55%. This is a boost from Chemung Financial’s previous quarterly dividend of $0.31. Chemung Financial’s payout ratio is currently 25.81%.

Analyst Ratings Changes

A number of research analysts have recently commented on CHMG shares. StockNews.com cut Chemung Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Piper Sandler assumed coverage on Chemung Financial in a report on Friday, December 20th. They issued a “neutral” rating and a $57.00 price objective for the company. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Chemung Financial from $54.00 to $60.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th.

Chemung Financial Company Profile

Chemung Financial Corporation operates as a bank holding company for Chemung Canal Trust Company that provides a range of banking, financing, fiduciary, and other financial services. The company provides demand, savings, and time deposits; non-interest and interest-bearing checking accounts; and insured money market accounts.